Richest Angelenos Lose $32 Billion

According to the Los Angeles Business Journal list of 50 Wealthiest Angelenos, the top 50 lost a combined $32 billion last year. That made it their worst year on record.

Los Angeles now has just 29 billionaires, the lowest total in five years.

Almost all of the people on the list lost millions of dollars last year. Forty one had losses of more than $100 million, and eight posted a loss of more than $1 billion.

The financial crisis has shuffled the wealth deck, leaving new guys on top and bumping some names off the list altogether. Last year’s No. 1, Kirk Kerkorian, lost half of his fortune, though he still has more than $5 billion left.

The new No. 1 Angeleno is a virtual unknown outside of California and the biotechnology world: former surgeon Patrick Soon-Shiong. He made his money from pharmaceuticals and biotechnology and netted $3 billion from selling generic-drug maker APP Pharmaceuticals in July.

The bad news is that wealth destruction in LA and elsewhere is likely to continue this year.

The good news is that no matter how bad things get, there will always be new wealth creators who find a way to build fortunes. They kept the world of wealth dynamic. And, most importantly, they keep list-makers in business.

Here is the LA Business Journal’s Top 10 and their change in fortunes.